As a manager of an organization, what probability distribution from this week would you use if you wanted to estimate your annual employee turnover? Explain why you would use it. In your post, be sure to identify the statistical formulas specifically and what additional data you would need to determine your estimate(s).
Here are the probability distributions that we have covered.
- Binomial – See Section 5.5 as to when you may use it.
- Poisson – See Section 5.6 as to when you may use it.
- Hypergeometric – See Section 5.7 as to when you may use it.
- Uniform – See Section 6.1 as to when you may use it.
- Normal – See Section 6.2
- Exponential – See Section 6.4 as to when you may use it.
Do not forget to explain why your probability distribution applies.
Be sure to support your statements with logic and argument, citing any sources referenced.